Watch the YouTube version of this episode HERE
Are you looking for advice on how to keep a firm running smoothly? In this episode of the Maximum Lawyer Podcast, Tyson interviews Gary Allen, a lawyer-turned-legal tech founder who shares lessons learned from witnessing two law firm collapse. Gary talks about inefficiencies and cultural barriers in traditional firms, then explains how these experiences inspired the creation of Lean Law.
Gary shares his thoughts on the issues that can lead to the collapse of a law firm. One big issue is too much overhead in comparison to what a firm is making. In Gary’s experience, his former employer paid too much overhead (i.e. rent, utilities), but the firm did not bring in as many clients which led to a lack of money being generated. There needs to be a formula that is followed to ensure clients are being brought in so a business can sustain itself. Another issue is time overhead, in which lawyers are working but the hours are not billable. This can cause lawyers to put in so much time and energy into work that they cannot be paid for.
Gary delves into the creation of Lean Law, which is a company focused on streamlining law firm financial management through technology. Lean Law is the financial operating system for many law firms and helps firms process legal fees. It integrates Quickbooks, so firms can personalize their financial management to ensure fees flow in and out of the firm. It is a great tool for law firms to have so all finances are streamlined and money is in order.
Take a listen!
- 01:11 Lessons from Large Firm Failure
- 03:27 Transition to a Healthier Firm
- 10:57 Overhead Awareness and Cost Control
- 12:09 Transition to Legal Tech: The Spark for Lean Law
- 14:44 Vision for All-in-One Legal Software
- 30:58 AI Disrupting Legal Marketing and PPC
Tune in to today’s episode and checkout the full show notes here.
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